Q4 21 Results

HEARTLAND FINANCIAL USA, INC. REPORTS ANNUAL EARNINGS AND FOURTH QUARTER RESULTS AS OF DECEMBER 31, 2021

Monday, January 31, 2022

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Highlights

  • Record annual net income available to common stockholders of $211.9 million or $5.00 per diluted common share
  • Quarterly net income available to common stockholders of $47.6 million or $1.12 per diluted common share
  • Annual loan growth of $689.4 million or 8%, exclusive of Paycheck Protection Program ("PPP") loans 
  • Quarterly loan growth of $309.0 million or 13% annualized, exclusive of PPP loans 
  • Nonperforming assets to total assets declined to 0.37% and 30-89 day loan delinquencies fell to 0.07% of total loans 
  • Net loan charge-offs for the quarter of $637,000 or 0.03% of average loans, and net charge offs for the year of $3.8 million or 0.04% of average loans
  • HTLF Board of Directors approved a consolidation plan for its eleven bank charters

 

    

Quarter Ended
December 31,

Quarter Ended
December 31,

2021 2020 2021 2020

Net income available to common stockholders (in millions)

$    47.6    

$    37.8    

$  211.9    

$  133.5    

Diluted earnings per common share

      1.12    

      0.98    

      5.00    

      3.57    

Return on average assets

1.03 %

0.97 %

1.19 %

0.93 %

Return on average common equity

      9.15    

      8.50    

    10.49    

      8.06    

Return on average tangible common equity (non-GAAP)(1)

    13.47    

    12.77    

    15.59    

    12.28    

Net interest margin

      3.08    

      3.51    

      3.29    

      3.65    

Net interest margin, fully tax-equivalent (non-GAAP)(1)

      3.12    

      3.55    

      3.33    

      3.69    

Efficiency ratio, fully-tax equivalent (non-GAAP)(1)

    63.86    

    54.93    

    59.48    

    56.65    

(1) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables
for reconciliations to the most directly comparable GAAP measures.

"HTLF completed a successful year with record net income available to common stockholders of $211.9 million, or
$5.00 per diluted common share. Our success was highlighted by strong loan growth and excellent credit quality."
Bruce K. Lee, president and chief executive officer, HTLF

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